Market Update: Home prices increase 5.1 percent year-over-year

This morning’s Case Shiller Home Price Index for June reported that home prices increased 5.1 percent year-over-year, and rose 0.8% from the previous month in the 20-city index. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“The strong home price growth in much of the country, and meteoric rise in the West, is led by a continued lack of homes available for sale. While homeowners welcome rising prices, it could begin to hinder new buyers if affordability comes into question – especially with home prices rising twice the speed of inflation in much of the country.”

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